Today Through the Fourth Friday (22 to 28 days) Weather Outlook for the U.S. and a Six-Day Forecast for the World: posted August 28, 2024

This article focuses on what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term U.S. outlooks and a six-day World weather outlook which can be very useful for travelers.

First the NWS Short Range Forecast. The afternoon NWS text update can be found here after about 4 p.m. New York time but it is unlikely to have changed very much from the morning update. The images in this article automatically update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
400 AM EDT Wed Aug 28 2024
Valid 12Z Wed Aug 28 2024 – 12Z Fri Aug 30 2024

…Record heat for the Mid-Atlantic today but the heat will last a couple
more days for the Ohio and Tennessee Valleys into the interior Southeast…

…Active thunderstorms will bring the threats of heavy rain, flash
flooding and severe weather across the northern Plains tonight and then
the upper Midwest Thursday through early Friday…

…Strong to severe late afternoon thunderstorms possible across the
east-central U.S for today and Thursday…

…First snowflakes of the season expected for the high elevations of
northwestern Montana today while fire weather threat blankets portions of
the northern Rockies…

A cold front has brought relief to the heat across the northern Plains
while triggering clusters of strong thunderstorms across the Midwest this
morning. As the front continues to push east and southeastward, a day of
record heat is expected to impact the Mid-Atlantic states where high
temperature could reach 100 degrees around the nation’s capital. This
heatwave will be relatively short-lived for the Mid-Atlantic as a much
cooler and damp air mass associated with a Canadian high pressure system
will quickly settle southward across the Great Lakes/New England into the
Mid-Atlantic by Thursday. However, much of the Ohio and Tennessee Valleys
will feel a couple more days of high temperatures topping into the upper
90s at the hottest locations as the next low pressure system marching
across the northern Plains will cease the southward progress of the cool
air and keep the heat in place for these areas. As the cold front
approaches, the hot air will be lifted and help trigger lines of
thunderstorms which can become severe along with locally heavy downpours
and very gusty winds. The highest threat for severe weather will be later
today into this evening from Ohio eastward across the northern
Mid-Atlantic near/after the time of maximum heating in the afternoon.
Some more strong thunderstorms could form Thursday afternoon farther
southward into the Mid-Atlantic on Thursday. Very cool air will then
blanket the entire Northeast on Thursday.

Meanwhile, the strong cold front associated with the next low pressure
system is marching across the northern Rockies. Sharply colder air behind
the system will likely bring the first snowflakes of the season for the
high elevations of northwestern Montana today while fire weather threat
blankets portions of the northern Rockies. The strong frontal system will
move steadily across the northern and central Plains on Thursday where the
threat of severe weather will be highest from Wednesday night across North
Dakota, then shifting east across a large chunk of the Midwest and upper
Midwest Thursday to Thursday night.

Farther south in Texas, an upper low had moved inland from the Gulf of
Mexico since yesterday. The instability has continued to help trigger
scattered thunderstorms across southern Texas. Meanwhile, deep southerly
flow to the east of the upper low has directed tropical moisture northward
from the Gulf toward the western Gulf Coast region, where some heavy
rainfall could develop in the vicinity during the next couple of days.
Elsewhere, while monsoonal moisture has become not as active and
widespread over the southern Rockies today, more focused activities across
southwestern New Mexico could lead to heavy rainfall. By Thursday, the
trailing cold front across the Plains will likely push the rain farther
east into the southern Plains where strong to severe storms are possible
by later in the day.

To get your local forecast plus active alerts and warnings click HERE and enter your city, state or zip code.

Learn about wave patterns HERE.

Then, looking at the world and of course, the U.S. shows here also. Today we are looking at precipitation.

Please click on “Read More” below to access the full Daily Report issued today.

27 AUG 2024 Market Close & Major Financial Headlines: Markets Opened Lower, Immediately Trended Higher, Traded Across The Unchanged Line For A While Before The Dow Closed At A New Closing High

Summary Of the Markets Today:

  • The Dow closed up 10 points or 0.02%,
  • Nasdaq closed up 0.16%,
  • S&P 500 closed up 0.16%,
  • Gold $2,551 up $5.20,
  • WTI crude oil settled at $76 down $1.73,
  • 10-year U.S. Treasury 3.833 up 0.015 points,
  • USD index $100.55 down $0.03,
  • Bitcoin $61,990 down $809 or 1.29%,

*Stock data, cryptocurrency, and commodity prices at the market closing.

Today’s Highlights:

The US stock market experienced mixed trading on Tuesday, with the Dow Jones Industrial Average managing to secure another record close while the S&P 500 and Nasdaq Composite saw modest gains. Investors remained cautious ahead of Nvidia’s highly anticipated earnings report scheduled for Wednesday.

Key Factors Influencing the Market:

Nvidia Earnings Anticipation

Investors are eagerly awaiting Nvidia’s (NVDA) second-quarter earnings report, which is expected to be a significant market-moving event. The chipmaker’s results could have broader implications for the tech sector and the AI-driven rally that has propelled markets this year.Inflation UpdateMarket participants are also focused on the upcoming release of the PCE price index, the Federal Reserve’s preferred inflation gauge. This report could impact expectations for potential interest rate cuts in the near future.

Corporate News

Apple (AAPL) announced a change in its CFO position, with Kevan Parekh set to replace the long-standing executive whilst the Paramount (PARA) takeover saga appears to be nearing conclusion, with Skydance Media likely to secure a deal.

Analyst Insights

Kevin Mahn, chief investment officer at Hennion & Walsh, expressed optimism about Nvidia’s upcoming earnings report, stating, “I think they will once again exceed earnings expectations. They’ll exceed revenue expectations, and they’re going to announce substantial growth in their data center business”.As the market awaits Nvidia’s results, the company’s performance could have significant implications for the broader AI ecosystem and investor sentiment in the tech sector


Click here to read our current Economic Forecast – August 2024 Economic Forecast: New Recession Flag


Today’s Economic Releases Compiled by Steven Hansen, Publisher:

The S&P CoreLogic Case-Shiller 20-City Composite posted a year-over-year increase of 6.5% in June 2024, dropping from a 6.9% increase in the previous month. I do not hold out much hope there is a good solution to moderate home price inflation as overall it is not good for anyone except for flippers.

Richmond Fed Manufacturing Survey slowed in August 2024, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index edged down from −17 in July to −19 in August. Of its three component indexes, shipments rose from −21 to −15, new orders decreased from −23 to −26, and employment fell from −5 to −15. Manufacturing is not doing well in the U.S.

The Conference Board Consumer Confidence Index® rose in August 2024 to 103.3 (1985=100), from an upwardly revised 101.9 in July. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—improved to 134.4 from 133.1 in July. Dana M. Peterson, Chief Economist at The Conference Board added:

Overall consumer confidence rose in August but remained within the narrow range that has prevailed over the past two years. Consumers continued to express mixed feelings in August. Compared to July, they were more positive about business conditions, both current and future, but also more concerned about the labor market. Consumers’ assessments of the current labor situation, while still positive, continued to weaken, and assessments of the labor market going forward were more pessimistic. This likely reflects the recent increase in unemployment. Consumers were also a bit less positive about future income. In August, confidence declined among consumers under 35 while it increased for those 35 and older. On a six-month moving average basis, confidence remained the highest among young consumers. Despite the overall improvement in the headline Index, confidence declined for consumers earning less than $25K. On a six-month moving average basis, consumers earning over $100K remained the most confident. Confidence among consumers earning $15K to $24.9K continued to trend down and was almost as low as for those earning less than $15K.

 

Here is a summary of headlines we are reading today:

  • Iran Nuclear Deal ‘Off the Table,’ U.S. Affirms
  • Norway’s Natural Gas Exports Surge in 2024
  • Largest U.S Grid Faces Tough Test as Heat Wave Hits Midwest
  • Goldman Sachs Cuts Its Expected Oil Price Range by $5
  • Low Hydro Storage Forces New Zealand to Boost Fossil Fuel Power Generation
  • Home prices hit record high in June on S&P Case-Shiller Index
  • Nvidia has become world’s ‘most important stock,’ adding pressure to upcoming earnings report
  • S&P 500, Nasdaq close slightly higher Tuesday, lifted by Nvidia shares: Live updates
  • 2 people killed, 1 injured in reported tire explosion at Delta facility in Atlanta’s Hartsfield-Jackson airport
  • Freezing your credit is the first step to avoid identity theft, expert says. Here’s what to know
  • Solid 2Y Treasury Auction Prices At Lowest Yield In Two Years
  • Lowe’s becomes latest company to back away from diversity plans

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Today Through the Fourth Friday (22 to 28 days) Weather Outlook for the U.S. and a Six-Day Forecast for the World: posted August 27, 2024

This article focuses on what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term U.S. outlooks and a six-day World weather outlook which can be very useful for travelers.

First the NWS Short Range Forecast. The afternoon NWS text update can be found here after about 4 p.m. New York time but it is unlikely to have changed very much from the morning update. The images in this article automatically update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Tue Aug 27 2024
Valid 12Z Tue Aug 27 2024 – 12Z Thu Aug 29 2024

…A brief spell of record heat expected to spread from the Midwest to the
East Coast…

…Active showers and severe thunderstorms this morning across the
northern Plains and upper Midwest/Great Lakes will shift eastward into the
northern Mid-Atlantic/southern New England by late Wednesday into early
Thursday…

…First snowflakes of the season could reach the higher elevations of
northwestern Montana on Wednesday followed by a chance of severe
thunderstorms across North Dakota Wednesday night/early Thursday…

The closed upper high currently centered over the mid-Mississippi Valley
will be expanding eastward over the next two days, spreading into large
portions of the East Coast from the Mid-Atlantic southward. This will
send a quick spell of potentially record high temperatures from the
Midwest into the Ohio Valley, Tennessee Valley, southern to central
Appalachians and into the Mid-Atlantic. The combination of hot
temperatures in the mid to upper 90s to near 100 degrees together with
high humidity levels will produce maximum daily heat indices of between
105 and 115 degrees across these regions, with heat risks reaching major
to extreme levels today across the Midwest into lower Great Lakes.
Excessive Heat Warnings and Heat advisories are currently in effect across
the mid to upper Mississippi Valley, the Midwest and southern New England,
affecting nearly 61 million people, with further expansion of these
warnings and advisories possible into portions of the Mid-Atlantic for
Wednesday. This spell of record heat will be relatively short-lived as a
cool high pressure system settling into southern Canada is forecast to
send a cool and damp air mass into the Great Lakes on Wednesday and will
quickly overspread New England Wednesday night, reaching into the
Mid-Atlantic by Thursday morning behind a sharp cold front.

Around the peripheries of the above mentioned upper high, precipitation is
likely to be active along the Gulf Coast and from portions of the
Southwest, northeastward into the Central Plains, upper Mississippi
Valley, upper Great Lakes into northern New England in this “ring of
fire”. In these regions, moisture values are forecast to remain above
average, supporting the potential for areas of active thunderstorms, heavy
rains and flash flooding. Active showers and severe thunderstorms this
morning across the northern Plains and upper Midwest/Great Lakes could
result in areas of heavy rains and flash flooding. Some of these
thunderstorms are expected to shift eastward into the northern New England
by early Wednesday, before some additional strong to severe thunderstorms
and heavy rain possible across portions of the upper Ohio Valley, central
Appalachians and into the Mid-Atlantic later on Wednesday into early
Thursday ahead of the sharp cold front.

While much above to record high temperatures dominate portions of the
central to eastern U.S. into mid week, another strong front will be
pushing inland into the Pacific Northwest followed by the northern Rockies
and into the northern High Plains by this evening. Much below average
temperatures in the wake of this front will likely spread across the
Pacific Northwest for today and into the northern Rockies/northern High
Plains on Wednesday with high temperatures 10 to 20 degrees below average.
There is not expected to be a lot of precipitation with this front over
the Northwest, but the falling temperatures could bring the first
snowflakes of the season for the higher elevations of northwestern Montana
on Wednesday. By Wednesday night into early Thursday, a chance of severe
thunderstorms will be moving eastward across North Dakota ahead of the
strong cold front.

To get your local forecast plus active alerts and warnings click HERE and enter your city, state or zip code.

Learn about wave patterns HERE.

Then, looking at the world and of course, the U.S. shows here also. Today we are looking at precipitation.

Please click on “Read More” below to access the full Daily Report issued today.

26 AUG 2024 Market Close & Major Financial Headlines: The Dow And The S&P 500 Scores New Historic Highs, Then The S&P 500 And Nasdaq Slipped Sharply Into The Red, Closing Near Session Lows

Summary Of the Markets Today:

  • The Dow closed up 65 points or 0.16%, (Closed at 41,241, New Historic high 41.420)
  • Nasdaq closed down 0.85%,
  • S&P 500 closed down 0.32%, (Closed at 5,617, New Historic high 5,652)
  • Gold $2,555 up $8.50,
  • WTI crude oil settled at $77 up $2.31,
  • 10-year U.S. Treasury 3.820 up 0.013 points,
  • USD index $100.90 up $0.19,
  • Bitcoin $63,370 down $1,220 or 1.89%,

*Stock data, cryptocurrency, and commodity prices at the market closing.

Today’s Highlights:

US stocks ended mixed on Monday, with the Dow Jones Industrial Average reaching a new record high while the S&P 500 and Nasdaq Composite declined.  Key points from the session:

  1. Technology stocks lagged, with semiconductor companies like Broadcom and Nvidia falling along with Tesla.
  2. Investors are weighing the prospect of imminent interest rate cuts signaled by Fed Chair Jerome Powell last week against upcoming economic data and earnings reports.
  3. Markets are pricing in rate cuts totaling 1% by the end of 2024, but uncertainty remains about the timing and magnitude.
  4. Nvidia’s earnings report on Wednesday is seen as a crucial event that could impact market sentiment, especially regarding AI-related stocks.
  5. Other important economic data coming this week include the PCE inflation index on Friday and Q2 GDP figures on Thursday.
  6. Oil prices jumped about 3% due to production issues in Libya and escalating tensions in the Middle East.

The market’s performance reflects a mix of optimism about potential rate cuts and caution ahead of key economic data and earnings reports, particularly from the technology sector. The divergence between the Dow’s record high and declines in tech-heavy indexes highlights the current market dynamics.


Click here to read our current Economic Forecast – August 2024 Economic Forecast: New Recession Flag


Today’s Economic Releases Compiled by Steven Hansen, Publisher:

New orders for manufactured durable goods in July 2024 was up 1.3% year-over-year (0.2% inflation adjusted). This is up from last month’s -10.6% year-over-year. Not sure what happened in last month’s data to have this excessive decline, but the growth this month was across all sectors except for non-defense aircraft (Boeing). It is possible that the data one year ago had unusually high new orders.

The Dallas Fed’s Texas Manufacturing Outlook Survey exhibited little growth in August 2024. The production index, a key measure of state manufacturing conditions, inched up three points to 1.6, with the low reading signaling only slight growth in output from July. Most other measures of manufacturing activity continued to indicate declines this month, though they were less negative than in July. The new orders index climbed nine points to -4.2, and the capacity utilization index pushed up eight points to -2.5. The shipments index came in near zero, rebounding from -16.3 last month. Manufacturing remains a soft spot in today’s economy.

CoreLogic’s latest Single-Family Rent Index (SFRI) shows national year-over-year rent growth is returning to pre-pandemic rates as prices continue to hold steady. In June 2024, prices remained relatively stable, posting a 2.9% gain year-over-year. Although rental prices are growing slowly — this time last year, rent increases were 2.8% year over year — they continue their steady climb. Molly Boesel, principal economist for CoreLogic added:

Single-family rents have been bouncing around their pre-pandemic rate of growth of about 3% this year after growing by double digits for most of 2021 and 2022. At the end of 2023, they did slow to the mid-2% range. While single-family rents are increasing at a stable rate, median rent continues to rise and has increased over $300 over the past two years.

Here is a summary of headlines we are reading today:

  • Looming Atlantic Current Collapse Threatens Northern Europe’s Climate
  • EIA Reports Increase in U.S. EV Sales After Slowdown
  • How Long Will Gold’s Record-Breaking Rally Last?
  • Rate Cut Euphoria Fades as Oil Prices Jump 3.5%
  • Canada Slaps 100% Import Tariff on Chinese EVs
  • Oil Prices Soar as Geopolitical Risk Rises Rapidly
  • Dow closes at record high, while tech stocks drag down S&P and Nasdaq: Live updates
  • Telegram-linked crypto token plunges after CEO is arrested in France: CNBC Crypto World
  • Dutch Gov’t Slaps Uber With Record $324 Million Fine For “Transferring Driver Data To US”
  • Ikea trials resale website to rival eBay and Gumtree
  • Treasury yields tick higher as traders wait for more clarity on Fed’s next move

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.

Today Through the Fourth Friday (22 to 28 days) Weather Outlook for the U.S. and a Six-Day Forecast for the World: posted August 26, 2024

This article focuses on what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term U.S. outlooks and a six-day World weather outlook which can be very useful for travelers.

First the NWS Short Range Forecast. The afternoon NWS text update can be found here after about 4 p.m. New York time but it is unlikely to have changed very much from the morning update. The images in this article automatically update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Aug 26 2024
Valid 12Z Mon Aug 26 2024 – 12Z Wed Aug 28 2024

...A couple of days of intense heat and humidity expected to impact the
Midwest…

…Severe storms and isolated flash flooding possible across the Northern
Plains/Upper Midwest today and the Great Lakes on Tuesday…

…Daily monsoonal thunderstorms shifting eastward into the southern
Rockies/High Plains

A couple of days of intense heat and humidity are expected to impact the
Midwest as deep southerly flow behind an intensifying upper-level high
unleashes the heat from the southern Plains. Forecast highs in the
mid-90s to near 100 combined with high humidity will send heat indices
into the 105-115 degree range, with widespread heat-related advisories and
warnings in place. Morning lows will also remain very warm, in the mid-
to upper 70s, providing little relief from the heat overnight. Numerous
record-tying/breaking highs will be possible both over the Midwest as well
as into portions of the Southeast on Tuesday. Those without efficient
air-conditioning or who must spend time or effort outdoors will be at a
heightened risk of heat-related illness. Remember to drink plenty of
water and seek out relief from the heat. An approaching cold front and
increased storm coverage will help to bring relief to portions of the
upper Midwest on Tuesday. While the southern Plains will see some relief
from the record heat that has plagued the region, conditions will still be
hot with highs generally in the mid to upper 90s.

Meanwhile, as upper-level shortwaves eject out of the northern Rockies and
interact with a low pressure wave tracking along a couple of fronts across
the northern Plains, multiple rounds of showers and thunderstorms are
expected to impact portions of the northern Plains into the upper Midwest.
The hot temperatures and plentiful moisture ahead of the front will
contribute to strong to extreme instability leading to the potential for
rapid development of severe thunderstorms. The Storm Prediction Center is
forecasting an enhanced risk of severe weather from eastern South Dakota
through southern Minnesota into central Wisconsin today into tonight as
the center of the low pressure wave tracks just to the south. Very large
hail, widespread and potentially significant damaging winds with any
organized lines of storms, and a few tornadoes will all be possible. A
broader Slight Risk covers portions of the Upper Midwest and
northern/central Plains for some more isolated instances of large hail and
damaging winds. The upper-level shortwaves will help to erode the
upper-high over the Great Lakes on Tuesday mainly across the Great Lakes.
In addition to severe weather, the plentiful moisture and high instability
will support areas of intense downpours which could organize into more
widespread heavy rain coverage at times, leading to the risk of some
isolated flash flooding each day.

Monsoonal thunderstorm chances today are shifting a bit eastward into the
southern Rockies and High Plains, with similar activities returning later
on Tuesday. Some locally heavy downpours remain possible along with the
threat of isolated flash flooding especially across terrain-sensitive
areas along steeper hills/mountain ranges and over burn scars. Some
post-frontal showers and storms are expected into the northern Rockies
through this evening as well. Temperatures over portions of the West will
remain well below average following a frontal passage and under the
influence of an unseasonably strong upper-trough. Forecast highs in the
70s will be common over the northern/central Rockies and eastern Great
Basin. More seasonably warm temperatures will return by Tuesday with highs
back up into the 80s. However, a cold front moving into the Pacific
Northwest will drop highs into the 60s and 70s along with the arrival of
showers and embedded thunderstorms on Tuesday mainly over western
Washington.

Elsewhere, instability associated with an upper-level trough dipping into
New England will bring shower and storm chances through this evening with
some moderate to possibly locally heavy rainfall. Some severe storms will
also be possible, with a Slight Risk over southern New England for the
potential of some large hail and damaging winds. Plenty of clouds will
help to keep temperatures cool here compared to elsewhere in the eastern
U.S., with highs in the 70s and low 80s. Daily showers and storms are also
expected over Florida and along the Gulf Coast into south Texas with a
lingering frontal boundary in the region as an upper-level low tracks
westward into southern Texas.

To get your local forecast plus active alerts and warnings click HERE and enter your city, state or zip code.

Learn about wave patterns HERE.

Then, looking at the world and of course, the U.S. shows here also. Today we are looking at precipitation.

Please click on “Read More” below to access the full Daily Report issued today.

Today Through the Fourth Friday (22 to 28 days) Weather Outlook for the U.S. and a Six-Day Forecast for the World: posted August 25, 2024

This article focuses on what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term U.S. outlooks and a six-day World weather outlook which can be very useful for travelers.

First the NWS Short Range Forecast. The afternoon NWS text update can be found here after about 4 p.m. New York time but it is unlikely to have changed very much from the morning update. The images in this article automatically update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Sun Aug 25 2024
Valid 12Z Sun Aug 25 2024 – 12Z Tue Aug 27 2024

…Record heat relents over the Southern Plains as the heat shifts
northward into the central/northern Plains and Midwest…

…Severe storms and isolated flash flooding possible for the Northern
Plains/Upper Midwest Sunday-Monday…

…Daily monsoonal thunderstorms continue across the Four Corners region,
shifting eastward into the southern Rockies/High Plains...

As the cool upper trough pushes farther inland across the western U.S.,
the heatwave over portions of the Southern Plains will gradually relent
during the next couple of days. Meanwhile, deep southerly flow ahead of
the upper trough will direct the heat farther north into the central and
northern Plains today before spreading into the Midwest on Monday, then
reaching into the Great Lakes on Tuesday. The area of major HeatRisk
today will expand well to the north across much of the central and
northern Plains into the upper Midwest. By Monday into Tuesday, extreme
HeatRisk is forecast to overspread the Midwest and toward lower Michigan
where maximum heat indices are forecast to reach well into the 90s to the
mid-100s in the afternoon, prompting widespread heat-related advisories
and warnings. Extra caution should be observed by those without effective
air conditioning and anyone who must be outdoors should remain adequately
hydrated.

A cold front marking the leading edge of a large dome of cool air over the
western U.S. will reach into the Northern Plains on Monday, bringing
relief to the heat into the region. However, the cold front will also
bring a period of inclement weather across the northern Plains on Monday,
followed by the possibility of severe thunderstorms by Monday night into
Tuesday toward the upper Midwest. This is in response to strong
upper-level dynamics ahead of the upper trough interacting with a low
pressure system that is forecast to form along the cold front over the
northern Plains. The Storm Prediction Center highlighted an area of
enhanced risk for severe weather across the northern Plains toward the
upper Midwest from Monday into early Tuesday, with a chance for
potentially larger hail and significant damaging winds. Some locally
heavy rainfall and isolated flash flooding will also be possible. By
early Tuesday, the severe weather threat is forecast to shift east into
the Great Lakes with areas of heavy rain farther north from the upper
Midwest to the upper Great Lakes as the low pressure system passes to the
south.

Across the Southwest, daily monsoonal thunderstorm chances will continue,
initially focusing over the Four Corners region today before shifting east
to mainly across the southern Rockies for Monday and Tuesday. Deep
moisture and moderate instability will lead to some more intense
thunderstorms with locally heavy downpours along with some isolated flash
flooding especially for terrain sensitive areas such as burn scars.
Besides the rainfall, the big story across the West the next few days will
be the much below average temperatures expected behind a strong cold
front. Widespread high temperatures in the 60s and 70s will be common
across the Pacific Northwest, northern Rockies, Great Basin, and northern
California, with near record low maximum values for some locations. Lows
are dipping into the 40s and even 30s this morning for much of the
interior Pacific Northwest and Great Basin where Frost Advisories are in
effect in portions of Nevada. Some post-frontal showers and storms over
portions of the Great Basin will expand across the northern Rockies into
the northern High Plains tonight into Monday, and then across the northern
Plains later on Monday into early Tuesday. Elsewhere, some showers and
storms with moderate to locally heavy rainfall will be possible Monday
into Tuesday over New England when a back-door upper-level wave passes
over the region. Daily showers and thunderstorms will also be possible for
Florida and along the Gulf Coast with a lingering frontal boundary in the
region. Over the Pacific Northwest, showers associated with the next
system from the Pacific are forecast to arrive Monday night into early
Tuesday.

To get your local forecast plus active alerts and warnings click HERE and enter your city, state or zip code.

Learn about wave patterns HERE.

Then, looking at the world and of course, the U.S. shows here also. Today we are looking at precipitation.

Please click on “Read More” below to access the full Daily Report issued today.

Where Does US Money Come From and Where Does It Go?

In the United States, money is created as credit and debt.  The US Constitution1 allows the federal government to produce money directly, but that is not how the nation has chosen to operate for most of its money.  In this post, we look at the various sources for issuing credit and debt that provide money to run the country.


From a photo by Giorgio Trovato on Unsplash.

Impact of Drought on Hydro Power – Posted on August 24, 2024

A recent study found drought in the United States has led to approximately 300 million MWh in lost hydropower and $28 billion in lost revenue between 2003 and 2020.

Unraveling the hydropower vulnerability to drought in the United States

Pouya Moghaddasi
et al 2024
Environ. Res. Lett. 19 084038 DOI 10.1088/1748-9326/ad6200

Pouya Moghaddasi1,2,* , Keyhan Gavahi1,2, Hamed Moftakhari1,2 and Hamid Moradkhani1,2,*

Published 23 July 2024 © 2024 The Author(s). Published by IOP Publishing Ltd
Environmental Research Letters, Volume 19, Number 8 Citation Pouya Moghaddasi et al 2024 Environ. Res. Lett. 19 084038 DOI 10.1088/1748-9326/ad6200

This article is OPEN ACCESS  so  I have reproduced it here in its entirety.  It is very well written so  I have not seen the need to add comments to the article but  I might highlight certain sentences.  I will provide one caution which is that the period studied is a period that was characterized by a lot of drought so it may not be fully representative of the future.

Abstract

Drought, a potent natural climatic phenomenon, significantly challenges hydropower systems, bearing adverse consequences for economies, societies, and the environment. This study delves into the profound impact of drought on hydropower generation (HG) in the United States, revealing a robust correlation between hydrologic drought and hydroelectricity generation. Our analysis of the period from 2003 to 2020 for the Contiguous United States (CONUS) indicates that drought events led to a considerable decline in hydroelectricity generation, amounting to approximately 300 million MWh, and resulting in an estimated loss of $28 billion to the sector. Moreover, our findings highlight the adverse environmental effect of drought-induced HG reductions, which are often compensated by increased reliance on natural gas usage, which led to substantial emissions of carbon dioxide (CO2), sulfur dioxide (SO2), and nitrogen oxide (NOX), totaling 161 700 kilotons, 1199 tons, and 181 977 tons, respectively. In addition to these findings, we assess the state-level vulnerability of hydropower to drought, identifying Washington and California as the most vulnerable states, while Nevada exhibits the least vulnerability. Overall, this study enhances understanding of the multifaceted effects of drought on hydropower, which can assist in informing policies and practices related to drought management and energy production.

Some may need to click on “read more”  to access the full article.

Today Through the Fourth Friday (22 to 28 days) Weather Outlook for the U.S. and a Six-Day Forecast for the World: posted August 24, 2024

This article focuses on what we are paying attention to in the next 48 to 72 hours. The article also includes weather maps for longer-term U.S. outlooks and a six-day World weather outlook which can be very useful for travelers.

First the NWS Short Range Forecast. The afternoon NWS text update can be found here after about 4 p.m. New York time but it is unlikely to have changed very much from the morning update. The images in this article automatically update.

Short Range Forecast Discussion
NWS Weather Prediction Center College Park MD
Sat Aug 24 2024
Valid 12Z Sat Aug 24 2024 – 12Z Mon Aug 26 2024

…Monsoonal thunderstorms across the Four Corners this weekend will edge
east toward southern Rockies by early next week producing locally
excessive rainfall…

…Record heat relents over the Southern Plains as record cool
temperatures envelop California to the Great Basin…

…Critical Fire Risk and Red Flag Warnings in effect across much of the
Great Basin…

An anomalously amplified weather pattern across North America will
continue to bring sharply contrasting weather conditions across the U.S.
for the next couple of days. This weather pattern will feature a warm
upper high over the southern Plains sandwiched in between two deep and
cold upper lows/troughs on either side of the West and East Coasts. An
unstable channel of moist southwesterly flow between the ridge and the
upper low near the Pacific Northwest will continue to support monsoonal
showers and embedded thunderstorms across the Four Corners region today,
shifting only slightly east toward the southern Rockies by Monday when the
flash flooding threat dwindles further as the upper high begins to give
way to the upper low moving inland across the western U.S. Farther north
across the northern High Plains, a couple of new low pressure systems are
forecast to form one after another and move toward southern Canada through
the next couple of days, bringing gusty winds but only modest amounts of
rainfall. Some of the thunderstorms could become severe near the Canadian
border of Montana early this morning ahead of the first low pressure
system. Meanwhile, critical fire weather danger is forecast for the Great
Basin under blustery and dry conditions behind a cold front.

The large upper low dipping into the Pacific Northwest will continue to
provide very cool and damp conditions into the West Coast today. In fact,
record cool high temperatures can be found once again today across
California and into the Great Basin. The anomalous cool conditions will
penetrate farther inland and overspread much of the western U.S. by
Sunday. In contrast, the heatwave across the southern Plains is showing
signs of relenting as the cool air from the western U.S. begins to erode
the upper ridge. Nevertheless, another afternoon with triple digit high
temperatures are forecast for today over a large portions of Texas into
the central Plains behind a warm front and associated low pressure center.
With relatively little moisture to work with, the low pressure system
will produce generally light amounts of rain. However, some heavy
rainfall can be expected to associate with localized clusters of strong
thunderstorms across the Midwest this weekend.

Meanwhile, cool mornings, increasingly warm afternoons and abundant
sunshine will prevail across much of the eastern U.S. under a cool upper
trough together with a cool high pressure system at the surface. A gradual
warming trend will continue across the eastern half of the country through
the next couple of days as the high pressure system begins to slide off
the East Coast. Afternoon high temperatures will recover to the lower 90s
by Sunday afternoon for some urban locations along the East Coast.
Meanwhile, high temperatures well into the 90s will be common across the
northern and central Plains ahead of a warm front lifting across the
mid-section of the country and ahead of a cold front in advance of the
cool air over the western U.S.

To get your local forecast plus active alerts and warnings click HERE and enter your city, state or zip code.

Learn about wave patterns HERE.

Then, looking at the world and of course, the U.S. shows here also. Today we are looking at precipitation.

Please click on “Read More” below to access the full Daily Report issued today.

23 AUG 2024 Market Close & Major Financial Headlines: JPow Said Encouraging Words Today That Sent The Dow To Another Historic High, All Three Major Indexes Closed Sharply Higher In The Green

Summary Of the Markets Today:

  • The Dow closed up 462 points or 1.14%, (Closed at 41,175, New Historic high 41.208)
  • Nasdaq closed up 1.47%,
  • S&P 500 closed up 1.15%,
  • Gold $2,547 up $29.70,
  • WTI crude oil settled at $75 up $1.88,
  • 10-year U.S. Treasury 3.803 down 0.059 points,
  • USD index $100.69 down $0.82,
  • Bitcoin $63,644 up $3,261 or 5.40%,
  • Baker Hughes Rig Count: U.S. -1 to 585 Canada +2 to 219

*Stock data, cryptocurrency, and commodity prices at the market closing.

Today’s Highlights:

Federal Reserve Chair Jerome Powell signaled that the time has come to begin cutting interest rates, reflecting confidence in the Fed’s fight against inflation. Markets reacted positively, with major stock indexes rising over 1% following Powell’s comments. Traders are pricing in a high likelihood of a rate cut in September, with debate over whether it will be 25 or 50 basis points. The 10-year Treasury yield fell to around 3.8%, near its lows for the year. Real estate stocks led gains in the S&P 500, rising 3.5% for the week as the best-performing sector.


Click here to read our current Economic Forecast – August 2024 Economic Forecast: New Recession Flag


Today’s Economic Releases Compiled by Steven Hansen, Publisher:

Federal Reserve Chair Jerome Powell’s Jackson Hole speech on Friday signaled a significant shift in the central bank’s focus, laying the groundwork for upcoming interest rate cuts. Here are the key points from his address:

Labor Market Focus

Powell emphasized the cooling labor market, mentioning labor conditions 27 times in his speech, compared to 19 times in last year’s address. This shift indicates that the Federal Open Market Committee is now paying closer attention to employment trends after two years of intense focus on inflation.

Readiness for Rate Cuts

The Fed Chair explicitly stated that “the time has come” to begin cutting interest rates. This clear message suggests that the central bank is preparing for a policy pivot in the near future.

Economic Outlook

Despite recent data revisions showing weaker job growth earlier in the year, Powell’s speech did not express serious concerns about an imminent recession or significant job losses. Instead, the focus seems to be on the diminishing threat of elevated wage growth keeping inflation too high.

Inflation Progress

Powell noted that inflation has significantly decreased from its peak, with the consumer price index declining from 9% in June 2022 to below 3% in July 2024. He highlighted the importance of anchored inflation expectations in facilitating disinflation without the need for economic slack.

Market Expectations

Following Powell’s speech, market expectations for a September rate cut remained high. However, the majority of traders anticipate a quarter-point (25 basis points) reduction, with some seeing a possibility of a larger half-point (50 basis points) cut.

Policy Approach

Powell emphasized the need for a careful approach, stating that the Fed is prepared to raise rates further if necessary but intends to hold policy at a restrictive level until confident that inflation is moving sustainably toward their 2% objective. In conclusion, Powell’s Jackson Hole speech marked a turning point in Fed policy, signaling a readiness to begin cutting interest rates while maintaining a cautious stance on inflation and closely monitoring labor market conditions.

Sales of new single-family houses in July 2024 were 6.6% above July 2023 – significantly better than the 9.0% last month. The median sales price of new houses sold in July 2024 was $429,800. The average sales price was $514,800. The seasonally-adjusted estimate of new houses for sale at the end of July was 462,000. This represents a supply of 7.5 months at the current sales rate. Sales of new homes has been relatively good since the 2Q2023.

 

Here is a summary of headlines we are reading today:

  • $1 Trillion LNG Infrastructure Boom Threatens Climate Goals
  • U.S. Oil, Gas Drilling Activity Declines
  • The Time Has Come For Rate Cuts… and Higher Oil Prices
  • Oil Jumps 2% During Fed Jackson Hole Meeting
  • California Taxpayers to Foot $8.5 Billion Bill for Rooftop Solar Subsidies
  • Dow closes more than 450 points higher as Powell signals Fed rate cuts are coming: Live updates
  • Markets are now wondering whether the Fed might cut by half a point in September
  • 10-year Treasury yield slides after Powell remarks point to Fed rate cuts
  • Bitcoin rises after Fed Chair Powell lays groundwork for interest rate cuts: CNBC Crypto World
  • Stocks making the biggest moves midday: Cava, Intuit, Ross Stores, Workday and more
  • America’s Power Grid Adds Most Generating Capacity In 21 Years As AI Data Center Demand Surges
  • WazirX security breach: Crypto platform to resume INR withdrawals in phases starting August 26

Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.